Press Releases

SACRAMENTO – Today, State Controller Malia M. Cohen released her monthly cash report covering the state’s General Fund revenues, disbursements and actual cash balance for July 2025, the first month of the 2025-26 fiscal year.

As noted in the Controller’s Monthly Statement of General Fund Cash Receipts and Disbursements, receipts for July were higher than estimates contained in the 2025-26 Budget Act by $547.1 million, or 3 percent. Expenditures for the month were $44.1 million, or 0.2 percent higher than Budget Act estimates.

“Even in one of the smallest revenue months of the year, receipts and expenditures meeting projections show we are starting the fiscal year on stable ground,” said Controller Cohen. “With economic uncertainty and potential future deficits on the horizon, we must protect our reserves and stay financially disciplined to ensure that we safeguard vital programs and services from severe budget cuts.”

Personal income tax receipts were $415.2 million above Budget Act projections, or 5.1 percent. Corporation tax collections were $329.4 million below estimates, or 24.7 percent. Retail sales and use tax receipts came in $124.7 million above budget projections, or 9.9 percent. 

As of July 31st, the state had $85 billion in unused borrowable resources. These resources are from internal funds outside of the General Fund that are borrowable under state law and that the State Controller’s Office uses to manage daily and monthly cash deficits when revenue collections are lower than expenditures. Internal borrowing from special funds is short-term and is repaid so that borrowing does not affect the operations of the special funds.

Summary Chart follows:

As the chief fiscal officer of California, Controller Cohen independently oversees and manages California’s financial resources with integrity and transparency to build trust. The Controller is responsible for accountability and disbursement of the state’s financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Follow the Controller on X at @CAController and on Facebook at California State Controller’s Office.

###